A look at how financial technology (fintech) is set to change Singapore’s financial services sector and the jobs within this industry.
The world of finance has transformed tremendously in recent years with the rapid evolution of technology birthing the new domain of FinTech—the intersection where financial services (payment, wealth management, money transfer, moneylending…) and technology converge. Human intervention is limited and financial transactions are done via your technology and mobile devices. Popular FinTech apps in Singapore include PayNow, GrabPay, PayLah and PayPal.
The Monetary Authority of Singapore (MAS) has noted that the employment outlook for the finance sector remains positive, with about 6,500 positions projected to be created in 2021. With 19,000 unfilled jobs in tech across the economy, the pipeline of graduates in relevant fields is not enough to meet the demand — a great opportunity for Singaporeans, provided we acquire the skills necessary to take on these jobs. There’s a growing demand for STEM talent in finance who have the capabilities to manage disruptive technology. FinTech careers are emerging to help the industry reach new heights and drive organizational change.
According to some reports on cybercrime, there is almost a 30% year-on-year increase in the average number of security breaches in organisations. As cyber-attacks get more sophisticated, especially on more advanced financial platforms, the demand for specialist cybersecurity professionals is steadily increasing. This includes jobs in IT security and vulnerability management — roles that seek to ensure financial services and transactions take place in a secure environment.
FinTech involves a lot of interfacing with computers and mobile apps, thus the front end of apps is critical — that is, what they look like, including workflow processes needed to use them, and the user experience (UX) as well as user journey. This means that roles such as UX designer, user interface (UI) designer, digital project manager and digital product manager are in high demand.
Data science, which involves developing methods of recording, storing and analyzing data to extract useful information and gain insights, has created a drastic change in the financial services industry. In risk evaluation, data science allows FinTech companies to assemble faster and more accurate credit evaluation processes; in fraud prevention, it helps enhance detection and prevention processes through real-time monitoring and evaluation. Due to its importance in companies, data science remains one of the most in-demand tech skills in the finance sector.
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